James Conforti and Domingo Medina - Coldwell Banker Residential Brokerage



Posted by James Conforti and Domingo Medina on 8/23/2018

If you find your dream house, there is no need to leave anything to chance. But if you submit a "lowball" homebuying proposal, you risk missing out on the opportunity to acquire your ideal residence.

Putting together a competitive offer to purchase can be easy. Now, let's take a look at three tips to help you craft an aggressive homebuying proposal.

1. Study the Housing Market

The housing market fluctuates constantly. If the real estate market favors buyers today, it may shift into sellers' favor tomorrow, or vice-versa. As such, you should study the housing market, determine whether it favors buyers or sellers and craft a homebuying proposal accordingly.

Oftentimes, it helps to look at the prices of recently sold houses in your area, as well as how long these homes were listed before they sold. With this housing market data in hand, you may be better equipped than ever before to differentiate a buyer's market from a seller's market. And as a result, you can boost the likelihood of submitting a competitive homebuying proposal.

2. Know Your Budget

If you know how much you can spend on a house, you can minimize the risk of submitting an offer to purchase that stretches beyond your financial limits.

To establish a homebuying budget, it generally is a good idea to get pre-approved for a mortgage. Banks and credit unions can teach you everything you need to know about different mortgage options and help you select the right mortgage. Plus, if you have any questions as you evaluate your mortgage options, banks and credit unions are happy to respond to your home financing queries.

3. Collaborate with a Real Estate Agent

If you hire a real estate agent, you can submit a competitive offer to purchase on any house. In fact, a real estate agent can offer in-depth housing market insights to help you put together an aggressive homebuying proposal that may receive an instant "Yes" from a seller.

A real estate agent is a homebuying expert who understands what it takes to purchase a home in any housing market. He or she first will meet with you, learn about you and your homebuying goals and create a personalized property buying strategy. Next, a real estate agent will help you pursue houses in your preferred cities and towns until you find one that matches your expectations. And after you discover your ideal residence, a real estate agent will make it simple for you to submit an offer to purchase that fulfills the needs of all parties involved.

Of course, if your offer to purchase your dream home is accepted, a real estate agent will guide you through the final steps of the homebuying process. Or, if your homebuying proposal is rejected, a real estate agent will help you reenter the housing market.

Avoid the danger of submitting a lowball offer to purchase your dream house Ė use the aforementioned tips, and you can craft a competitive homebuying proposal and move one step closer to acquiring your ideal home.





Posted by James Conforti and Domingo Medina on 8/2/2018

If youíre searching for a home and are looking for a deal, you may turn to homes that are listed as ďFor Sale By Owner.Ē These homes tend to be a great deal for the sellers, but not necessarily the buyer. This makes it all the more important that you hire a buyerís agent for yourself. Your agent can check a bit of the work that the owner is doing without hiring a real estate agent for himself. When buying a for sale by owner property youíll want to do all of the same things that you would do if you were buying a property that was for sale through a realtor including:


  • Check the asking price through comps
  • Get a property inspection
  • Make an offer and complete contract negotiations
  •  Check how long the home has been on the market


Just because a home is for sale by an owner, thereís no need to give up on the normal procedures that one goes through in buying a home. You have the right to have a buyerís agent represent you in the transaction. Beware though as some for sale by owners are not willing to pay commission to any agents including buyersĎ agents. Be sure that the contracts are clear in this area so that you donít fall in love with a home only to find out that you canít use your agent in the transaction.


Other Points To Consider In A For Sale By Owner Transaction


You may need to hire an attorney, especially for an estate sale or short sale. 


You still need a home inspection and have the right to back out of the sale if something isnít satisfactory about the home. The home inspection is important because it can reveal serious problems with a home such as high levels of radon, issues with the furnace, or a possible plumbing disaster waiting to happen.           


You may want a C.L.U.E. Report 


This type of report tells you what kind, if any, insurance claims have been made on the property in the past 5 years. The report will detail the date of the claim, the cause (if a natural disaster) and the amount that was paid to fix the damage. 


You should still get pre-approved


Getting pre-approved before buying a home is just something that should be automatic for buyers. It really lets the seller know that youíre serious about purchasing a property.


Buying a for sale by owner home is the same as purchasing any other property. Youíll just need to be an informed buyer through the process in order to make sure youíre doing whatís right for you.        






Posted by James Conforti and Domingo Medina on 7/19/2018

Credit plays an important role in your ability to secure a home loan and to qualify for a low-interest mortgage. However, many first-time homebuyers arenít arenít sure about the exact relationship between credit scores and mortgages.

This doesnít come as much of a surprise considering the many factors that go into your credit score and into your lenderís decision to approve you for a mortgage. So, in this article, weíre going to cover three commonly asked questions that homebuyers have about credit scores and how theyíre used by mortgage lenders to determine your eligibility for a home loan.

Will my credit score go down if I check my credit report?

If youíre thinking of buying a home in the near future, one of the first things youíll want to do is check your credit. However, if youíve heard that some credit inquiries briefly lower your credit score you might be hesitant to find out.


This common misconception stems from the fact that taking out new lines of credit results in a temporary decrease in your credit score. The difference between checking your credit and a credit inquiry is simple: a credit check you can access for free online through a service like Credit Karma, whereas a credit inquiry is performed by a lender or creditor with whom youíve applied for credit.

In short, checking your credit score online wonít affect your score. In fact, the major credit bureaus are required to allow you to check your credit for free once per year.

Can I get a loan with low credit?

Increasing your credit score is a lengthy process that requires careful financial management. Many people who have had difficulties paying off bills, loans, and credit cards will have to rebuild their credit. Or, if youíre young and donít have a diverse history of credit payments, youíll be starting from scratch to build your score.

If youíre hoping to get an FHA (first-time homeowner loan), the lowest your score can be is 580. However, that doesnít mean you should always take a loan with a low credit score. When you donít have a good credit history, lenders will seek other ways to guarantees their investment. This comes in the form of higher interest rates or PMI (private mortgage insurance) which youíll have to pay on top of your monthly home insurance and mortgage payments.

Will applying for a home loan affect my credit?

Simply stated, yes. However, applying for a loan or get preapproved is considered a credit inquiry and wonít leave any lasting negative on your credit score. Making several inquiries within a short period of time, however, can significantly lower your score, so choose your inquiries wisely. And, be sure to monitor your credit score on a monthly basis so you have an idea of where you stand along the road to applying for a home loan.




Tags: Buying a Home   FAQ   homebuyers  
Categories: Buying a Home   FAQ   homebuyers  


Posted by James Conforti and Domingo Medina on 6/28/2018

Buying a vacation home is an important goal and milestone for many Americans who want to make the most of their holidays and plan for retirement.

Vacation properties neednít be lavish or expensive to still be a perfect way to enjoy the winter months at your home away from home. Furthermore, owning a vacation home can prove to be an excellent financial asset that increases in value over time, as more people seek to scoop up properties in your area.

In todayís post, Iím going to talk about some of the most important things to look for in a vacation home to help you kick off your search. Whether youíre months away from buying a home or the idea of a second home is still a far-off dream, this article is for you.

1. Consider locations

The most important aspect of any vacation home is that itís located in the perfect place for you to enjoy. Whether thatís a remote getaway in the mountains or a beachfront property in Florida, your plans for the home should be your number one priority.

If itís your ultimate goal to retire and move into your vacation home someday, consider what it would be like living in that location full time. Is it close to amenities like grocery stores? Or, if youíre moving to a coastal area, will the traffic drive you crazy?

On the other hand, if you donít intend to ever move into your vacation home full-time, it might be wiser to choose a location that will suit your familyís vacation needs while remaining a great asset to sell down the road.

2. Spend a week at your destination before buying

Some homeowners have a dream of buying a vacation home in a place theyíve always wanted to visit or have simply heard is a great place to own a vacation home in. The problem with this is that you might find, once you arrive, that you donít want to spend several weeks or months there after all.

It might get too crowded during vacation season or you might decide that there isnít enough to do that will keep you busy for extended stays.

To prevent buyerís remorse, spend a week or two in your planned vacation home destination to make sure it really is the best spot for you.

3. If you plan on renting, know what to expect

Many Americans purchase a vacation home with the intention of renting it out while they arenít using it to earn extra income. While this can be a great way to generate income, you will need to be prepared for becoming a landlord.

Look up local rental laws in the area to make sure you understand your responsibilities. Furthermore, understand that renting out a property part-time takes work; youíll interact with prospective renters, filter out those that you think arenít suited for your home, and handle problems with the property as they arrive.

If you keep these three things in mind, you should be able to find the perfect vacation home for you and your family.





Posted by James Conforti and Domingo Medina on 5/31/2018

Ready to purchase your dream home? Before you finalize a home purchase, it may be worthwhile to schedule a home appraisal.

With a home appraisal, a property expert will examine a residence both inside and out. The home appraiser then will offer a property valuation.

In some instances, a home offer may be appraisal-contingent. And if the home appraisal valuation falls below the amount of a buyer's offer, the buyer may request a renegotiated price.

A home appraisal may prove to be an important part of the homebuying process. As such, it is paramount for homebuyers to understand what an appraisal is all about and determine whether to conduct an appraisal.

To better understand home appraisals, let's take a look at three home appraisal facts that every homebuyer needs to consider.

1. An appraiser's valuation is his or her opinion of what a residence is worth.

Typically, a home appraiser will use a broad assortment of housing market data as part of a home assessment. The appraiser also will look closely at a residence as part of the home evaluation process.

Although a home appraisal is based on housing market data and a home assessment, it is essential to note that a home valuation is an appraiser's opinion. Therefore, two home appraisers may examine the same housing market data and the same house and come up with two different home valuations.

2. The homes in a neighborhood may affect the valuation of a residence.

Believe it or not, a home's value may be impacted by those around it. Thus, if you intend to buy a home, it often pays to evaluate the neighborhood to better understand whether a house's value will decline, stay the same or increase over time.

Furthermore, what you spend to improve a house is unlikely to raise a house's value proportionately. And if you spend $20,000 on home improvements, there are no guarantees that these home improvements will add $20,000 to a home's valuation.

3. A home appraisal and a home inspection are two very different things.

A home inspection often is considered a must-have during the homebuying process, and perhaps it is easy to understand why.

During a home inspection, a property expert will ensure there are no structural issues with a home and identify any problem areas. Then, a homebuyer can move forward with a home purchase, rescind a home offer or submit a counter proposal based on a home inspection report.

On the other hand, a home appraisal enables a property expert to evaluate the house in its current state. A home appraiser will compare and contrast a home in relation to others in the area and offer a valuation.

If you need help determining whether to conduct a home appraisal, a real estate agent is happy to assist you. With a real estate agent at your side, you can determine whether to set up a home appraisal prior to finalizing a home purchase.




Tags: Buying a Home   appraisal  
Categories: Buying a Home   appraisal  




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